Property: Five, 2-story wood frame and stucco buildings containing 60,060 rentable square feet with ground floor retail and 2nd-story office, situated on a one-acre site on the waterfront located near the primary tourist shopping area of Lahaina
Assignment:
Arrange 80% floating rate acquisition financing to include capitalization of project transaction costs, TILC, capital improvements, debt service shortfall, operating deficits and defeasance of existing debt
Challenges:
Peripheral Front Street location
Limited historical operating information
Significant number of tenants on month-to-month occupancies or percentage rent only
Results:
$23,600,000 (80% LTC)
Term: 3 years plus two 1-year extensions
Amortization: interest only
Prepayment: Locked for 12 months; open at par thereafter
